Excessive taxation, lack of investor confidence affecting economy - PSC tells visiting UK minister

Excessive taxation, lack of investor confidence affecting economy – PSC tells visiting UK minister

May 04, 2017 News

Baroness Anelay (sixth from left) and her
team meeting with PSC officials on Tuesday

The Private Sector Commission (PSC) met Tuesday with The Right Honourable Baroness Anelay, Minister of State of the Foreign and Commonwealth Office of the United Kingdom and Member of the UK House of Lords, who was paying a brief visit to Guyana.

She was accompanied by British High Commissioner Greg Quinn and other officials.

“The Private Sector Commission took the opportunity of discussing a number of issues of concern and of national interest. Discussions ranged from the potential impact of Brexit on the region to the help that Britain, and the other ABC countries, have rendered at election time in Guyana in successful bids to ensure that the elections were free and fair and free from fear,” PSC explained.

Also included was a discussion of the decline in the local economy which has been caused partly by a fall in commodity prices but exacerbated by excessive taxation and a lack of confidence on the part of investors.

“The State Assets Recovery Agency (SARA) Bill and its implications were also raised.

The Private Sector Commission also mentioned the uncertainty surrounding the fate of sugar and the need to have British help to maintain good governance in the country. The issue of the Guyana/Venezuela border dispute was also raised and the Baroness expressed her Government’s total commitment to Guyana’s position, even displaying a map of Guyana that she supports.” The Security Sector Reform programme was mentioned with the PSC, saying that it appreciates the assistance of the United Kingdom.

“The excitement of the discovery of oil and gas and the potential impact of cheap energy on the manufacturing sector was highlighted, as was Guyana’s commitment to renewable energy and the creation of a green economy. The Chairman lauded the recent state visit of Guyana’s President, His Excellency David Granger, to Great Britain and expressed the hope that this would lead to new British investment flowing into Guyana.”

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